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Dealings in securities on behalf of executive directors for conditional shares subject to a holding period
Thungela Resources Limited
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE share code: TGA
LSE share code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
("Thungela" or the "Company" and, together with its affiliates, the "Group")
DEALINGS IN SECURITIES ON BEHALF OF EXECUTIVE DIRECTORS FOR CONDITIONAL
SHARES SUBJECT TO A HOLDING PERIOD
In compliance with paragraphs 3.63 to 3.74 of the Listings Requirements of the JSE Limited ("the
JSE Listings Requirements"), shareholders are advised of the following transactions on behalf of
executive directors in terms of the Company's 2021 Share Plan and Remuneration Policy. The
performance condition for the 2022 Conditional Share Award was measured on 7 March 2025.
The shares held on behalf of executive directors are subject to a further two-year holding period
before they will be delivered to them. The executive directors may not dispose of the shares during
the holding period.
Chief Executive Officer: July Ndlovu
Date of award: 7 March 2022
Nature of transaction: Off market provision of measured conditional
shares subject to a further two-year holding period
Class of securities: Ordinary shares
Number of securities provided: 106,548
Provision price per share*: R113.94
Value of shares subject to holding period: R12,140,079.12
Date of transaction 17 March 2025
Nature of interest: Direct beneficial
Chief Financial Officer: Gideon Frederick Smith
Date of award: 7 March 2022
Nature of transaction: Off market provision of measured conditional
shares subject to a further two-year holding period
Class of securities: Ordinary shares
Number of securities provided: 55,045
Provision price per share*: R113.94
Value of shares subject to holding period: R6,271.827.30
Date of transaction 17 March 2025
Nature of interest: Direct beneficial
*Provision share price represents the volume weighted average price of a Thungela Resources
share for the 20 days ended 14 March 2025. The highest and lowest prices traded for Thungela
Resources shares over each day were as follows:
Date Highest price per share Lowest price per share
17 February 2025 R123.00 R119.84
18 February 2025 R121.91 R118.00
19 February 2025 R119.50 R116.36
20 February 2025 R118.31 R116.08
21 February 2025 R117.00 R113.49
24 February 2025 R115.81 R113.22
25 February 2025 R117.61 R113.19
26 February 2025 R117.84 R110.27
27 February 2025 R113.36 R109.00
28 February 2025 R112.90 R107.47
3 March 2025 R113.44 R107.11
4 March 2025 R117.08 R111.50
5 March 2025 R118.64 R113.51
6 March 2025 R117.45 R113.14
7 March 2025 R113.40 R110.40
10 March 2025 R114.70 R110.91
11 March 2025 R116.53 R110.91
12 March 2025 R114.80 R111.83
13 March 2025 R112.89 R109.66
14 March 2025 R110.50 R107.28
Clearance to deal in terms of the JSE Listings Requirements was obtained.
Johannesburg
19 March 2025
UK Financial adviser and corporate broker
Panmure Liberum Limited
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Notification of Dealing Forms
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name July Ndlovu
2 Reason for the notification
a) Position/status PDMR – Chief Executive Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where
transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market provision of measured conditional shares
subject to a further two-year holding period
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 106,548
d) Aggregated information
- Aggregated volume 106,548
- Price R12,140,079.12
e) Date of the transaction 17 March 2025
f) Place of the transaction Off market
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gideon Frederick Smith
2 Reason for the notification
a) Position/status PDMR – Chief Financial Officer
b) Initial notification Initial notification
/Amendment
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
a) Name Thungela Resources Limited
b) LEI 213800EGYK3BN3SRIF27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where
transactions have been conducted
a) Description of the financial Ordinary shares of no par value
instrument, type of
instrument
Identification code ISIN: ZAE000296554
b) Nature of the transaction Off market provision of measured conditional shares
subject to a further two-year holding period
c) Price(s) and volume(s)
Price(s) Volume(s)
R113.94 55,045
d) Aggregated information
- Aggregated volume 55,045
- Price R6,271.827.30
e) Date of the transaction 17 March 2025
f) Place of the transaction Off market
Date: 19-03-2025 02:00:00
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